Funding arb · Price arb /

IREN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.080%

Price spread now: OKX against tradeXYZ−0.021%7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$630.631% of the position

Long on tradeXYZ Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.344%−$34 on $10k

Price spread, last 4 days (all we have)−0.002%$0 · spread now −0.021%, 7d avg +0.003%

Together, before fees−0.346%+ Points / potential airdroptradeXYZ: Active · farm board−$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and OKX is 0.024% cheaper against tradeXYZ than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.003%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:IREN	47.520	0.0050	pay 0.0006% / 1h	59m 02s	$3.2M	$1.9M	10x
Short	OKX IREN-USDT-SWAP	47.510	0	get 0.0000% / 8h	4h 59m	$647K	$621K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against tradeXYZ. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee tradeXYZbpFee OKXbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$10.5
Price spread: −0.021% → +0.003%: −$2.45
Slippage, 4 orders: −$35.05
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee OKX: 5 bp × 2 orders: −$10
Net: −$76
Costs to cover: 0.631%
Break-even: never at this rate

Slippage from tradeXYZ: live order book, 9 min ago; OKX: live order book, 62 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy tradeXYZ live order book, 9 min ago	2.31 bp	12.3 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 62 min ago	5.28 bp	16.4 bp −$16	doesn't fit	doesn't fit	doesn't fit

IREN on 18 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster IRENUSDT	0.0000%	8h	47.570	+0.104%	$29K	$4K	20x	as long as short
Binance IRENUSDT	0.0000%	8h	47.536	+0.033%	$3.5M	$6.1M	25x	as long as short
Bybit IRENUSDT	0.0000%	8h	47.510	−0.021%	$1.2M	$541K	25x	as long as short
OKX IREN-USDT-SWAPshort	0.0000%	8h	47.510	−0.021%	$647K	$621K	25x
Gate IREN_USDT	0.0000%	8h	47.520	0.000%	$723K	$1.2M	25x	as long as short
Bitget IRENUSDT	0.0000%	8h	47.486	−0.072%	$2.0M	$419K	20x	as long as short
Variational Omni IREN	0.0000%	8h	47.551	+0.065%	$212K	$87K	—	as long as short
GRVT IREN_USDT_Perp	0.0000%	8h	47.550	+0.063%	$4K	$186K	10x	as long as short
SunX IREN-USDT	0.0000%	8h	47.540	+0.042%	$1K	$358K	10x	as long as short
HTX IREN-USDT	0.0000%	8h	47.520	0.000%	$9K	$790	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest IREN-USD-PERP	+0.0010%	1h	47.460	−0.126%	—	$15K	10x	as long as short
QFEX IREN-USD	+0.0026%	1h	47.520	0.000%	$1.2M	$1.7M	10x	as long as short
Lighter RH IREN	+0.0032%	1h	47.535	+0.032%	$69K	$94K	10x	as long as short
Extended IREN_24_5-USD	+0.0040%	1h	47.505	−0.032%	$4K	$7K	5x	as long as short
tradeXYZ xyz:IRENlong	+0.0050%	1h	47.520	long leg	$3.2M	$1.9M	10x
Paragon para:IREN	+0.0060%	1h	47.500	−0.042%	$611K	$182K	10x	as long as short
KuCoin IRENUSDTM	+0.0100%	8h	47.540	+0.042%	$747K	$211K	20x	as long as short
Phoenix IREN	+0.0355%	1h	47.559	+0.082%	$86	$31K	10x	as long as short